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In this week's edition The Financial Conduct Authority's proposal that firms should publish claims ratio data to alert consumers to low value add on products has been met with scepticism from the insurance industry.
The regulator released preliminary findings from its general insurance add-ons market study on Tuesday. It analysed firms and consumers in the travel, gadget, guaranteed asset protection, home emergency and personal accident add-on insurance sectors in a bid to understand whether buying decisions are affected by different sales tactics.
In other news Aviva's move to limit its exposure to internal debts has won the approval of market analysts, although some industry commentators continue to question the insurer's long-term performance; industry insiders are predicting a strain on capacity and a rise in premiums on Russian risks as the Crimean crisis continues, despite the sanctions imposed by Western powers being described as "limited" and mainly "symbolic"; and the Chartered Institute of Loss Adjusters has played down concerns adjusting staff could be left exposed to asbestos disturbed by recent flooding, giving rise to an added claims burden for insurers.
Hiscox chief executive Bronek Masojada is in the C-Suite this week to explain why he believes flood insurance must be all-inclusive, or risk being a PR time bomb; Warren Downey, managing director for risk practice at JLT Specialty, tells why he believes it is important for young talent entering the insurance industry to gain a broader, more rounded background - at least in their foundation years rather than rely on a specialty; and Dual Asset managing director Phillip Oldcorn outlines the benefits of staying small rather than rushing to consolidate when it comes to managing general agents.
DWF's Jamie Taylor continues the Fraud Focus series by exploring if the days of motor insurance fraudsters are numbered.
When Bill Paton departed Zurich after three decades in general insurance, he took a short hop to law firm DAC Beachcroft to view life from the other side of the table. Post's Francesca Nyman caught up with him in this week's interview.
Post continues its countdown to the twentieth British Insurance Awards by talking to past winners. This issue sees the turn of industry stalwart Gerry Loughney who has been in the profession for some 40 years.
With organised fraud costing the insurance industry an estimated £392m a year, the second In Series on data asks if increased use of data is the key to winning the battle?
In this week's features, Post's Mark Sands looks at how the household insurance market is coping with the cost of claims from extreme weather events and the aggregator‑induced focus on pricing; and while most sectors of the insurance industry audibly groan when presented with the possibility of increased regulation - Post looks to find out why managing general agents are welcoming the prospect; and Post looks at how the insurance community is playing an increasingly important role in helping vulnerable communities in Asia adapt to climate change both before and after a disaster
Enjoy the read!
A huge well done to all involved with organising our Remembrance Day event on Friday, including our Corporate Real Estate team. One of them, Ibrahim, took this incredible footage of poppies dropping as he (along with others) leaned (safely!) over the gantry to let them go. pic.twitter.com/pSbapkWBBR— Lloyd's (@LloydsofLondon) November 12, 2018
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- FSCS issues warning over insurer records
- Analysis: Business interruption after Salisbury: Poisoned policies?
- FSCS mulls raising levies on brokers using unrated
- Interview: Ian Muress, Sedgwick International
- Manjit Rana to lead Corporate Innovation insurtech practice
- Lemonade rival Hippo secures $70m in funding